jaynote: ever since having dinner with Dr. Levin, I've been hungerly anticipating being able to buy left handed sugar. Tagose isn't left handed, but it's what he was able to commercilize. Too bad he's been in a development hell bringing it to market.
SPHERIX AND ARLA FOODS REACH SETTLEMENT AGREEMENT;ARBITRATION PROCEEDINGS CANCELLED: "BELTSVILLE, MD, Spherix Incorporated (NASDAQ/SPEX), announced today that it has reached a settlement with Arla Foods Ingredients concerning the License Agreement under which Arla Foods has the right to manufacture and sell tagatose, Spherix's patented low-calorie sweetener. Accordingly, the arbitration proceedings have been cancelled.
The settlement provides Spherix with an extension of high-end royalties and financial consideration. Arla is provided the exclusive right to manufacture tagatose for nonfood as well as food purposes, with Arla agreeing to supply Spherix's requirements for its sales to the nonfood market. Spherix also agreed not to sue Arla for performance issues related to bringing tagatose to market now and in the future.
'We are extremely happy to have settled this with Arla,' said Thomas Gantt, Spherix President and CEO. Gantt continued, 'This agreement satisfies our key requirements and provides Arla the protection it desires for its emergence into the low-calorie sweetener field.' Gantt stressed that Spherix and Arla are business partners and as such will work together to maximize their mutual success. 'Our royalties are tied directly to Arla's sales of tagatose. While royalties will be less in the earlier stages of our agreement, we are hopeful that this settlement will allow us both to reap the financial rewards of this fine product. We are committed to adding to Arla's success wherever possible,' he concluded."
SPHERIX AND ARLA FOODS REACH SETTLEMENT AGREEMENT;ARBITRATION PROCEEDINGS CANCELLED: "BELTSVILLE, MD, Spherix Incorporated (NASDAQ/SPEX), announced today that it has reached a settlement with Arla Foods Ingredients concerning the License Agreement under which Arla Foods has the right to manufacture and sell tagatose, Spherix's patented low-calorie sweetener. Accordingly, the arbitration proceedings have been cancelled.
The settlement provides Spherix with an extension of high-end royalties and financial consideration. Arla is provided the exclusive right to manufacture tagatose for nonfood as well as food purposes, with Arla agreeing to supply Spherix's requirements for its sales to the nonfood market. Spherix also agreed not to sue Arla for performance issues related to bringing tagatose to market now and in the future.
'We are extremely happy to have settled this with Arla,' said Thomas Gantt, Spherix President and CEO. Gantt continued, 'This agreement satisfies our key requirements and provides Arla the protection it desires for its emergence into the low-calorie sweetener field.' Gantt stressed that Spherix and Arla are business partners and as such will work together to maximize their mutual success. 'Our royalties are tied directly to Arla's sales of tagatose. While royalties will be less in the earlier stages of our agreement, we are hopeful that this settlement will allow us both to reap the financial rewards of this fine product. We are committed to adding to Arla's success wherever possible,' he concluded."
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